I have a student loan on my credit report that is currently deferred. It is listed as; Bank name- act #0000000- date opened-10/96 date of last activity 01/02 high limit-$3605 balance-$2007 status(on EQ)I1 date reported 4/02 previous history-8 times 90= days late previous status - 8/00-I5 7/00-I5 6/00-I5(on EQ) on tran & experian it has dates of late pays listed. dates :90 days-10/97 120 days-11/97 150 days-12/97 90 days-3/2000 120 days-4/2000 150 days-5/2000 180 days-6/2000 to 10/2000 Question 1)Will all these late pays stay on it for 7 yrs after i pay it off? I hope not,they are killing my score!!! 2)When do they remove payment history? 3)Also, the loan was deffered at the time of these late pays. How do I fix that. I have disputed twice with CA saying "never late" & "never late, was deffered on those dates" but they won't fix it. Any help with this would be great.
Yes they will. After 7 years. Do you have proof of the deferment? If you do, send your deferment proof to the CA and see how they can explain the late pays during that time. Especially since you didn't have to pay. Here's my suggestion to get rid of the late pays after a year. Rehabilitate the loan. after rehabilitation, all negative entries are to be excluded from the credit report.
Rehab the loan, but I thought it had to be in default to rehab. Sorry,I am clueless when it comes to student loans.....
no, I have 2 charged off collection accounts. One will be removed when the ins. pays the bill(the doc never billed my ins co.) and the other one is from 05/1997. I also have to get a "closed by credit grantor" statement removed from a CC account that I closed......
FYI- the scores in my signature are my hubbies. I did his reports first,just starting on mine. At least mine only have a couple of things to fix......
I thought you said that you were dealing with a collection agency? I'm *pretty sure* you can rehab the loan either way.
this has not gone to a collection agency. I pay my payments whenever it is not deffered. The original bank who lent the money,still has the loan.
So, which CA are you referring to here? I'd call the lender and ask to rehabilitate anyways. What's the worst they can say? NO? Please, I've heard WAY worse.
I have a similar problem as yours with the student loans. Several lates from 2000. I kept it out of default but maybe I should have defaulted. I consolidated but that does nothing for the late pays.
I hate this.It almost seems like i am being punished for trying to pay this debt in good faith. I have not worked a day since I left college and I was not married when i got this loan,technically,i could go without paying and there is really nothing they could do . A judgement would do nothing. Cars & house in hubbies name. No wages to garnish and i doubt i will be working untill my youngest goes to school. I will pay this because i do owe the money,but i should not have to deal with this bad info following me for so long....................(just a little venting)
Erica, when i wrote CA in the original post, i meant CRA. I disputed it on my reports.I just want the late pays to be removed. Has anyone here had a bank do this for them on a student loan? The bank is a local credit union, not a national bank........
I don't see why not. Make sure you have deferment documentation, though. That way you can pounce on them. I understand the CA/CRA mistake now. Simple misunderstanding.
Student loan rehab. is for those who have defaulted on them. I'm not sure of the exact rules but I believe if you go through the program and make 12 monthly on time payments you are rehabilitated and your negitives are removed and you pay as normal.
Thanks, and where could I find the information about how this works? My husband has an old student loan that he defaulted on - and now we've got an astronomical amount of interest and collection charges. It went from an $11,000 loan for a private school to now almost 35,000. We just got married in April and now I'm trying to find out all I can on what our options are at this point. He hasn't finished school yet - and hopes to go back at some point in the near future, but we've got to get something moving on this debt. Any suggestions? and options of where to turn for help? Thanks for any suggestions. I've never had any kind of student loan - and he was apparently very naive at the time. Any help would be greatly appreciated! Thanks!
I think the Dept. Of Eduacation has a website but I dont know the URL at this time. Rehab is different from consolidation. Consolidation takes many loans into one. I think they mus tbe current but cant be certain. Do a search here on the board for student loan rehab. There have been lots of postings.. Good luck!
My husband only has One federal loan for 3,000 or less. He has an income tax lien on his refund checks, which make a pretty good dent in his payments. He's down to under $3,000 right now. I am not sure the type of loan he got, since I wasn't in the picture - that was 7 yrs ago. I know that NOW it is around 3,000. What is the best way to handle this - does he contact the Dept of Education now to ask about rehab? Or does he make payments to the collection agency for 12 months and THEN make the payment. He has another loan in collection, but it is to a private college and they are charging his MORE than 3 times the amount of a loan - but it was NOT any kind of federal loan. Does anyone know about collection laws for college loans that are NOT federal?
